Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have an S-CORP in Florida, I moved to NJ last summer and I…

Customer Question
Hello, I have an S-CORP...
Hello, I have an S-CORP in Florida , I moved to NJ last summer and I am wondering do I need to relocate my company to NJ and register here or can i keep my company as a registered company in florida ? I like to be paid to my company cause it helps out with taxes here in NY/NJ
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
1/20/2016
Tax Professional: Lev, Tax Advisor replied 2 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,844
Experience: Taxes, Immigration, Labor Relations
Verified

That is based where S-corporation performs business activities.
If S-corporation performed business activities in NJ - but registered in another state - that is a foreign entity in NJ and must be registered.

See here

http://www.nj.gov/treasury/revenue/gettingregistered.shtml

Step 1 - RECORDING NEW BUSINESS ENTITIES
Step 1 applies to all New Jersey (domestic) and out-of-state (foreign) corporations, limited liability companies, limited partnerships and limited liability partnerships. You must file an original formation/authorization certificate with the State of New Jersey. The filing process can be completed online. All profit businesses (domestic and foreign) and foreign non-profits must pay a statutory filing fee of $125. The statutory filing fee for domestic non-profits is $75.00.
You may however move your entity from Florida to NJ.
Regarding income taxes... As you might be aware - S-corporation doesn't pay income tax. Instead - all taxable income is passed to shareholder(s).

But because you are a resident of NJ - all your income - regardless of its source - is taxable for that state.

So having a corporation in Florida woudl not help you with income taxes.

Ask Your Own Tax Question
Customer reply replied 2 years ago
Okay so what steps do I take, Do I contact state of florida and file to reloacte and then register in NJ? Does it matter that I was registered in Fl and did work in NYC last summer but I still had my mail going to florida cause the move was not 100% offical untill now
Tax Professional: Lev, Tax Advisor replied 2 years ago

I assume that you registered the LLC in Florida and after that elected it to be treated as S-corporation with the IRS.

In this case - the simplest way would be to dissolve your Florida LLC - and open a new LLC in NJ where you live and where you conduct most of business activities.

Here is where to start dissolution

https://efile.sunbiz.org/dissolveLLC.html
and here to start registering a new LLC in NJ.

http://www.nj.gov/treasury/revenue/gettingregistered.shtml

As you already have S-corporation - you might already know how to apply for S-corporation status - but if not - let me know I will provide you with IRS forms.

Ask Your Own Tax Question
Customer reply replied 2 years ago
I started as s Corp. I do not like LLC
Customer reply replied 2 years ago
I'm a tv producer so s Corp is what we all do. Any issues when I file taxes ? Sorry for so many questions
Tax Professional: Lev, Tax Advisor replied 2 years ago

When you register the entity in Florida - generally there are two option - to register an LLC or a corporation.
You may not register S-corporation with state authorities...
S-corporation status is assigned by the IRS.
If you registered a corporation - and not LLC - then you would dissolve a corporation and register a new one - and after that will apply to the IRS for S-corporation status.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,844
32,844 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I filed a company as a LLC with the state of New Jersey. I
I filed a company as a LLC with the state of New Jersey. I am now on the IRS website, to apply for a EIN number. When I went to get one, I received this message (see attached).Please let me know what … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I want to ask a question about 2555 foreign income tax
Hello I want to ask a question about 2555 foreign income tax form.My situation is convenient for part III physical presence test.Should I fill anything for part II bona fide section or leave it empty?… read more
Carter McBride
Carter McBride
LLM
1,050 satisfied customers
Non profit UBIT and the 990T. Helping a friend non profit
Non profit UBIT and the 990T. Helping a friend non profit that recently sold rental house with a mtg. So I have the calculation on what of the total gain is taxable. But now confused on how to report … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
If my taxable income for 2018 will be approx. $38,000, what
If my taxable income for 2018 will be approx. $38,000, what is my tax liability filing single. ( was widowed in late 2016. When I filed for 2017, my CPA had neglected to tell me there were different t… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I had no taxable income for 2017, but am supposed to file a
I had no taxable income for 2017, but am supposed to file a tax return in order to establish I qualified for Premium Tax Credits received through Healthcare.gov. What should I do? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
VA income tax return form 760, Line 16, “ Taxable Income -
VA income tax return form 760, Line 16 , “Virginia Taxable Income - Subtract Line 15 from Line 9” what are the two bubbles “DTD” and “LTD” ? Should I fill in one ?… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
LLC entity is formed in USA (State of NJ) and the only
LLC entity is formed in USA (State of NJ) and the only Member that is listed on Certificate of Formation is a foreign Corporation (in Latvia). How this USA based LLC should file its year end taxes? It… read more
Carter McBride
Carter McBride
LLM
1,050 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
Lev
Lev
Tax Advisor
32,844 satisfied customers
LLC loss profit distribution. It's a 4-member LLC, profits
It's a 4-member LLC, profits are shared, not losses. How the distribution should be reported?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Does non Colorado resident need to pay income taxes as a
Does non Colorado resident need to pay income taxes as a Colorado PERA beneficiary to Colorado? If not which state will they have to pay taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
According to federal income taxes rules, can a non-
According to federal income taxes rules, can a non- custodial parent fund a bank account with pre-tax dollars to pay child support … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
In an LLC with a Foreign partner (22,000 income) must
In an LLC with a Foreign partner (22,000 income) must withholding be sent (over 8000) as the actual pass through tax bill is much,much lower! … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Tax Experts - Foreign partner US LLC partnership had one
Tax Experts - Foreign partnerUS LLC partnership had one foreign partner (42.50%) from Italy. In order to get k-1 and pay taxes, foreign partner applied for federal ID which was used by US LLC to repor… read more
taxmanrog
taxmanrog
Master\u0027s Degree
935 satisfied customers
Got another question about nexus for state income taxes...
Got another question about nexus for state income taxes... An LLC was setup and managed in Texas for its first 2 years. In December of last year, all partners of the business moved to California. Woul… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,117 satisfied customers
Is the 250k profit no income tax for selling a primary
is the 250k profit no income tax for selling a primary residence prorated if you lived in the house for under 2 years?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,205 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x